GDP fell by 0.2% in Europe during the second quarter of 2012, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union.

 

In the first quarter of 2012, the growth rate was 0%.

 

Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.4% in the euro area and by 0.2% in the EU27 in the second quarter of 2012, after 0.0% and +0.1% respectively in the previous quarter.

 

Germany, which gives off the impression that the recession has not weakened its economy, posted a measly GDP growth of 0.3% from Q1 and a slightly better +1% YOY.

 

During the second quarter of 2012, GDP increased by 0.4% in the United States compared with the previous quarter. Compared with the same quarter of the previous year, GDP rose by 2.2% in the United States.

 

Japan posted growth of 0.3% compared to Q1, but a more triumphant +3.6% YOY.

 

EUROZONE DEFINITIONS

The euro area (EA17) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

 

The EU27 includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the  Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.